7/11/08

Yes, the Messiah must be on his (or her) way. The Bank of Israel is buying dollars to prop up that weak currency! And next be on the lookout for lions and lambs cavorting and get ready to buy some Colt 45 hedge trimmers...

The Bank of Israel is once again intervening in an effort to slow down the steep decline in value of the American dollar against the shekel which has hit Israeli exporters hard.

The central bank announced Thursday it will begin buying on average $100 million per day effective immediately, up from the $25 million sum which it announced it would purchase in March. The move comes as part of the bank's efforts to raise its foreign currency surplus to the $35-40 billion range. more